The Economic Mobility Project of the Pew Charitable Trusts released a new report titled "Retirement Security Across Generations: Are Americans Prepared for Their Golden Years?," which provides a glimpse into the uncertain situation facing those who are approaching retirement age.

The report explores the retirement security for different age groups and examines how the Great Recession affected the wealth and retirement security of baby boomers as compared to younger and older age groups.

This research reveals that younger age groups face the greatest prospect of downward mobility in their golden years.

Among the many significant findings in the study is that Americans born after 1955 carry more debt than have previous generations, and that this age group faces a severe decline in living standards upon retirement.

How PBGC is changing the narrative on Retirement Security

I've always been fascinated by storytelling: The Harry Potter series, This American Life, Grimm, The Twilight Zone, The New Yorker and just about anything by Walter Mosely. Books, movies, radio, print or online periodicals, fact or fiction, it doesn't matter. Interesting characters and a compelling narrative rivet me.

I also particularly like watching commercials and I'm constantly amazed by the brilliance of ad writers who can develop the scene, introduce relatable characters and tell a complete story in 30 or 60 seconds. Beyond hawking products or pushing ideas, I find commercials offer interesting insights on the zeitgeist of a particular demographic, culture or society.

Today, in almost any hour of evening television, sandwiched between myriad commercials for insurance companies and the latest solution to make housecleaning a breeze, you'll see spots about encouraging the viewer to plan for retirement.

One really resonates with me because it echoes a true story we at the Pension Benefit Guaranty Corporation tell a lot lately: people are living longer but retirement security isn't keeping pace. In the commercial, the narrator asks people to place a blue sticker along a timeline next to the age of the oldest person they've ever known. Not surprisingly, there are many dots ranging between 80 and 110. The spot closes with, "How do you make sure you have enough money to enjoy all of these years?"

Disclaimer: Neither the author nor PBGC endorses the products or services of the sponsor.

Since its inception in 1974, PBGC has been at the forefront of protecting the retirement security of the American people in defined-benefit pension plans offered by private companies. Now, most people probably don't know the agency exists, let alone think about us until the business they work for goes belly-up and they hear talk that the pension they've been looking forward to is about to evaporate.

Fortunately, PBGC does exist, and the safety net it provides allows most workers and retirees to keep the full promised benefit they've earned over many years.

PBGC will pay retirement benefits for more than 830 current and future retirees of Noble Health Systems Inc., which operates Noble Hospital, a 97-bed acute-care hospital in Westfield, Mass.

The agency stepped in because the hospital can't pay its pension obligations and remain in business.

PBGC will pay all pension benefits earned by the hospital's retirees up to the legal limit of $54,000 a year for a 65-year-old.

Retirees will continue to get benefits without interruption, and future retirees can apply for benefits as soon as they are eligible.

According to PBGC estimates, as of April 15, 2011, the pension plan was 61 percent funded with $28 million in assets to pay $46 million in benefits. The agency expects to cover $17.8 million of the $17.9 million shortfall.

The month of May is declared as Older Americans Month! Sponsored by the U.S. Administration on Aging, this year's theme is "Unleash the Power of Age."

In President Obama's proclamation of this month of recognition, he noted, "As older Americans strive to lift up their neighborhoods, my Administration is working to make sure they get the tools they need to make a difference."

One of those tools that aid older Americans in being able to "unleash the power of age" and thrive after retiring from years of service is the ability to collect the monthly pension check they've earned.

The Pension Benefit Guaranty Corporation protects the retirement incomes of more than 44 million American workers. Eighty-five percent of retirees who receive benefits from PBGC receive the full amount of the promised benefit.

That's what makes the work of PBGC important — we're working to preserve pension plans and to make new plans possible for coming generations of older Americans, too.

As the days of the month pass, stay tuned for more from PBGC as we recognize and honor the contributions of older Americans!

Many companies still offer pensions — and with them, retirement income that you can't outlive. Generation Xers and Millennials with in-demand skills can target jobs with pension plans — but what's the fallback?

Too many don't know. If we filled a room with all of Generation X and Y, and then separated the room in half, less than half of the people on one side of the room would have made saving for their retirement a top priority, according to research from LIMRA, a research, consulting and professional development organization for insurance and financial services companies.